Bloomberg Daybreak: March 29, 2022 - Hour 1 (Radio)

Hong Kong's scope raises and promotions. New York Mayor Eric Adams is slamming Florida's new Don't Say Gay bill, Plus the January sixth penal recommends holding two Trump aids in contempt. Michael Barr More ahead, I'm John stashwon sports. The Knicks beat the Bulls at the Garden. The Yukon women won

in double overtime to advance to the final board. That's all straight ahead on Bloomberg day Break on Bloomberg Eliving Trio, New York, Bloomberg Washington, d C, Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world. Old on Bloomberg Radio dot Com and via the Bloomberg Business Set. Good morning, I'm Nathan Hagar and I'm Karen. Moscow and US futures are higher

this morning. We're coming up to five oh one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP Future is up thirteen points down, futures up ninety four NASDAC Future is up thirty two. The decks in Germany's at one point two percent. Ten year treasury down eleven thirty seconds, yield two point five percent. The yield on the two year

two point four one percent. Nim X screut oil is up one point one percent, up a dollar eleven and a hundred seven dollars four cents of barrel, and the euro one point oh nine eight one against the dollar. Nathan, Karen, we begin this morning with the latest on the war in Eastern Europe. Ukraine is looking for a cease fire

agreement in talks with Russia negotiators. Today we get the very latest from Bloomberg International Affairs reporter Mark Champion is exchanged for the ceasefire is less clear and the sequencing would be quite difficult because at the moment what the Ukrainians are talking about is able to agree to neutrality. In exchange from neutrality, there would be security guarantees from other Western countries, similar to NATO's Article five. You know, all that would have to be agreed in a referendum

that would take a year. So how that all gets sequences extremely difficult to understand. What would be the borders that were being guaranteed by these guaranteurs in the West is difficult to understand at that point. Bloomberg's Mark Champion reports talks are underway in Turkey. President Urdiwan is telling the Ukrainian and Russian delegations he expects quote good news from the meeting. Meantime, Nathan Russia appears to be making

good on it's a debt. Moscow says it made it more than a hundred million dollar interest payment on its foreign bonds. Despite financial isolation in the face of warnings from credit rating agencies, the government has so far sidestepped to default. Back Here in the U s care and President Biden is clarifying his remarks on Vladimir Putin. He says the US is not seeking to remove the Russian president, but he does have the right to express concern. Bloomberg's

At Baxter has the story. The President says he's not planning regime change in Russia, but has the right to express his opinion. I was expressing my outrage as the behavior this man. It's outrageous. It's outrageous, and it's more an aspiration, and he shouldn't be in power. There's no I mean, people like this shouldn't be ruling countries. But they do. The fact they do, but does mean I

can't express my outrage about it. And NATO is having its debate about talking directly with Putins some countries saying before any talks, there has to be a ceasefire in Ukraine. In San Francisco, I'm at Baxter Bloomberg Daybreak and thank you now. An update on President Biden's agenda back home. The White House is doubling down on efforts to overhaul the tax code. It's looking to get more money from the wealthiest households and largest companies. Amy Morris has details

from our Bloomberg newsroom in Washington. President by and says his plan is designed to chip away at the deficit run up by the Trump administration. Track cut the deficit by more than one trillion, three hundred billion dollars that would be the largest one year reduction and deficit in history.

Part of that would be funded through a minimum tax on mega millionaires and billionaires, including on their unrealized gains, raising an estimated three hundred sixty billion dollars over a decade from roughly the wealthiest twenty thousand households in the country. But it faces opposition in Congress, and not just from Republicans. The billionaire tax is also a key fault line between

moderate Democrats and progressives. White House advisors are now talking with wallmakers about how to win support for the tax proposal in Washington. I'm anymore as Bloomberg Daybreak, thanks Amy. Meantime, the Senate has passed a measure to help US tech company. Senators passed their version of a longstalled bill to help the U S semiconductor industry and boost competitiveness with China. That sets the stage for negotiations with the House, which

passed its own version. The measure includes fifty billion dollars to boost chip manufacturing. All right, let's turn to the markets now. Nathan and a few companies making headlines this morning Bloomberg. John Tucker joins US Live with the latest. Good morning, John, Good morning, Carol. Let's start out with FedEx. The packet shipping company named Rod Subramanian as its new CEO.

He takes the reins from seventy seven year old founder Fred Smith, who pioneered express delivery almost fifty years ago. Smith had been in the midst of the campaign to overhaul the company to stem declining profit margins. Meantime, Amazon has become the first mega cap tech dot to erase losses for the year. Shares are now at one point four percent of the year, after having dropped more than

eighteen percent earlier this month. And also of note this morning meme favorite game Stop rose for a tenth consecutive session yesterday. That gives the stock its longest winning streaks since April of It's up a staggering one or over the past two weeks. Live in New York, I'm John Tucker, Bloomberg Daybreak and John in London. This morning. Shares a Barclays are down three and two thirds percent after a shareholders sold about one point two billion dollars of stock.

The sale came a day after Barclays revealed a costly blunder and how it sold billions of dollars in securities. The identity of the Barclay seller was not disclosed. Meantime, in Hong Kong, Nathan, the outlook for bangers is looking up. The city has seen an exodus of finance staff, but those that state are getting rewarded. Blumbergs you need a young joints ups live with the details. Good morning Renny Down,

Good morning Karen. For tech savvy workers willing to live in a city largely isolated from the rest of the world, opportunities like big promotions and big pay increases are plentiful, at least in the short term. Typically, finance workers heading to a different company in Hong Kong would get about a fifteen percent pay hike, but executive search firm E

s d I says they're seeing twenty to thirty increases. Meantime, government data show the number of new visas issued to foreign financial service workers in Hong Kong fell last year, down almost fifty per sent from eighteen and that was

before the Omicron variant prompted more lockdowns. Live in New York, I'm gonna need a young Bloomberg day break, Okay, we need to thanks SMP futures up fourteen points staff features up a hundred eleven, nastack futures up thirty five points, straight ahead, your latest local headlines, and a check of sports. This is Bloomberg. That's up five oh seven on Wall Street where twenty five degrees in Central Park got start so far on the bridges and tunnels. Will check traffic

in just a few minutes. First, Michael Bars here with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. New York City Mayor Eric Adams is denouncing Florida's controversial Don't Say Gay bill. In signing the bill, Florida Governor Rond De Santis says the legislation forbids instruction on sensual orientation and

gender identity in kindergarten through third grade in Florida. We not only know that parents have a right to be involved, we insist that parents have a right to be involved. Joe Saunders with the LGBTQ advocacy group Equality Florida said the Santis has set the state back decades. Governor De Santis has damaged our state's reputation as a welcoming and inclusive place for all families. He has made us a laughing stock and a target of national derision. Worst he

has made schools less safe for children. New York Mayor Adams called the bill hateful and harmful, saying on social media to the families living in fear of this state sponsored discrimination, You're welcome in New York City. Our arms and hearts are wine open. The House Committee voted unanimously last night to recommend contempt citations against two of former President Trump's White House advisors for it defying subpoenas to testify into last year's riot at the US Capitol. The

panel name former aides Nan Scovino and Peter Navarro. Congresswoman Liz Cheney, the top Republican on the Selective Committee, said anyone who participated in the January six efford should be held accountable. As a federal judge concluded today, the illegality of President Trump's plan for January six was quote obvious.

Cheney was referring to U. S District Judge David Carter, writing, the court finds it more likely than not that President Trump corruptly attempted to obstruct the Joint Session of Congress on January one. The founder of Sittledale is giving forty million dollars to New York City's American Museum of Natural History. The donation is part of the three forty million dollars raised so far for the Richard Gilder Center for Science, Education and Innovation, which is set to open sometime late

between two and early three. Actor Will Smith apologized to Chris Rock after he slapped the comedian at the Oscar Sunday night. Meanwhile, the Academy of Motion Pictures, Arts and Sciences opened a formal review of Smith's behavior. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than having under journalist analysts in more than a hundred twenty countries. On Michael Bard, This is Bloomberg, Nathan Michael, thank you. Coming up to five ten on

Wall Street time for the Bloomberg Sports Update. Good morning, John Sesshion, Good morning eight. And it's hard to make the NBA playoffs when you win only one game in the month of February like the next day, and the Nicks are almost certainly not going to make it four and a half games behind, but they had one four

in a row for the first time all year. They came from twelve down beat Chicago with the Garden one oh nine, one oh four, R. J. Barrett with twenty eight points, Alley first twenty seven to margin Rosenport in thirty seven for the Bulls. Nets Home tonight for Detroit Rangers are in Pittsburgh n C Double A Women's tournament double overtime in Bridgeport, Yukon b n C State seven. Reactions from the coach Gino Oriema and the star player

Paige Beckers. This is one of the best games I've ever been a part of UM since I've been in the time. The regular season, postseason, doesn't really matter. It was just a lot of fun and playing two very competitive teams. My coach said, just playing for our lives at that point, and we found a way to win and stuck together and we stay composed in Yeah, I'm

just it was really exciting team for sure. So you kind of go to the Women's Final four for the twenty second time under Ori e m they've don their fourteen years in a row. The jetson Son Freegan defensive lineman Salomon Thomas, once the third overall pick of the draft, he played for Jets coach Robert Sala when Sale coach the forty Niners Defense Giants. G M Joe Shane says he has not initiated any trade. Tops were going to

st Kuon Barkley. NFL owners are meaning they're considering a change in overtime rules where both teams would be short of a possession. Baseball forty two year old Albert Poole says this will be his final season. He's spending it with the team he used to start for. Tho St. Louis Cardios, John Stashward, Bloomberg SPOSI, thanks John SMP futures up twenty points, Staff futures up Huddy six, n SECT

futures hired by fifty nine points ten. Your treasury yield two point five one per cent the yield on the two year two point four two spread of eight basis points. You're listening to Bloomberg day Break Bloomberg eleven three oh Weather, sunny, breezy, high only near forty today, chance for midday rain or snow tomorrow. Otherwise scattered afternoon showers with highs in the

mid forties. Will be near seventy by Thursday. Right now twenty five in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland. At Bloomberg Quick Tape, He's a Bloomberg business lash and I'm Cameron. Moscow stocks are rising as ceasefire talks between Russia and Ukraine helped to fuel risk appetite. U West Dock Index futures also gaining after benchmark indexes

rose for a third session yesterday. We checked the markets every fifteen minutes throughout the trading day on Bloomberg S and P futures up twenty points now futures about hundred forty three nasday futures up sixty The decks in Germany's up win in three quarters per cent ten Your treasury down fourteen thirty seconds, yeld two point five one percent, the yield on the two year two point four two percent.

Nine X Screwed oil is down four tenths percent, or forty three cents at a hundred five dollars sixty three cents of barrel comes goold down one and a half percent, down twenty nine dollars thirty cents. In nineteen fifteen, forty announced the euro one point one zero to six against the dollar. British bound one point three zero eight nine and the enit on three point six four bitcoin in this morning moving lower down half percent at forty seven thousand,

seven hundred thirty dollars. That's a Bloomberg business flash. Now here's Michael Barr with more unless going on around the world, mouncle, Good morning, Good morning Karen. More than a month after Russia invaded Ukraine, the two nations resumed negotiations toward a ceasefire. Today to sit down is taking place over three days at instant Bul. Ukrainian President Voladimir Zelenski says this country

would consider a neutrality agreement to achieve peace. Shanghai beefed up lockdown restrictions for people residing in the eastern half of the city, barring everyone from leaving their homes even to walk their dogs. Record local daily COVID nineteen infections jumped today to close to forty eight hundred. In the NBA, the next one, the Celtics and Warriors lost. Yukon is heading back to the Women's n C Double A Final four for the fourteenth straight time, the Huskies beating North

Carolina State and double overtime. Yukon will face Stanford Louisville is also when they'll face South Carolina in the NHL. The Capital's Lost. Global news twenty four hours a day on air and on Bloomberg Quickdake, powered by more than twenty seven hundred journalists an analysts more than hundred twenty countries. Michael Barr, This is Bloomberg. Nathan. Okay, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg Interactive

Brokers studios. This is Bloomberg Daybreak and Mark Champion is with us now Bloomberg News, Senior reporter for International Affairs. As we continue to monitor these uh ceasefire talks just now really getting underway in his stand ball between Ukraine and Russia. Mark, good morning. Obviously, as I was saying, they're just getting underway here. But what were the expectations heading into these discussions. Well, it's the first time in two weeks, so that's a that's a plus right there.

But on both sides, they've been sort of talking it down a little bit. On the Russian side that said there have been no breakthroughs, nothing to really change the game. On the Ukrainian side a little bit more optimism, but they also have said there's a lot of detail for every point that they have in principle agreed, there's a lot of detail for each point that hasn't been um. And the key issue really is that you've got to

uh kind of time scales for things to agree. The first is on a cease fire, where the Ukrainians say that kind of minimum goal is just an improvement humanitarian situation to stop the killing essentially, um. And then you have a peace settlement, which includes all kinds of things like territorial agreements, who owns what? And also you know, when do the Russian troops withdraw? All these things make for quite a complicated puzzle. Um. So there's a lot

to get through. Yeah, puzzle that sounds like it would take weeks, if not months to get through. But is the expectation then that a cease fire would have to be in place and holding before they could get to those broader discussions about a settlement. Well that's that's the hard part. So you know, ideally what Ukraine would like is just a cease fire, uh, you know, with no

attached requirements. But it sounds like there has to be some sort of agreement on neutrality where you know, the Russians will agree to a cease fire, but we don't know exactly when they would agree to pull their troops out. But the de cease fire, they're looking for some agreement on neutrality. Um Zaniansky says he's open to that. President Zelienski of Ukraine says he's open to it, but at the same time that, you know, he would need security

guarantees from Western countries similar to NATO Article five. It's you know, that seems rather difficult for Russia to accept, which is very opposed to any kind of NATO membership, So we kind of ASA's NATO security guarantee would be difficult to swallow. Um And also for those countries, it would be difficult to know what they are guaranteeing at

a time when no agreement exists on boorders. Zelienski also says there has to be a referendum, which would take a year on any of that kind of agreement, So you can see the sequencing is quite difficult. Yeah, And it sounds as though there may be a little bit of contradiction there, or maybe I'm really get wrong with the idea that the Ukraine would agree to some kind of neutrality while at the same time calling for security guarantees along the lines of NATO. How is NATO reacting

to what Ukraine is looking for here? Well, you know, NATO is rather split, um. So you have a group of countries, including the UK and most of the Eastern European countries, who are extremely skeptical of Russian intentions. They see the peace talks as a significant risk there that Russia is basically using them to regroup after a difficult campaign and doesn't really intend to give anything up in terms of its major goals. That on the ground, it

continues to push for territorial gain um. And there are signs, you know, as they try and replace the Ukrainian Rivna with the Russian rouble in occupied areas that they you know, they're not planning to leave anytime soon. So there's a skeptical group, And on the other side there's France, Germany and various others who say, look, the first priority here is to get seas fire to stop the killing, um, and we should be open minded, open ended about what

it takes to do that. These discussions are expected to last today into tomorrow, so we will continue monitoring them here on Bloomberg Radio in the meantime. Mark Champion thanks for keeping us updated on what's been happening so far. Mark Champion is a senior reporter for international affairs for Bloomberg News. Looking ahead to the market, open futures are moving a touch higher and yields are flattening the curve. SMP futures are up twenty two points down futures up

a hundred fifty four. Nanzac futures are higher by eighty eight points. The tenure treasury is down thirteen thirty seconds, with the yield two point five zero percent yield on the two year two point four two to spread of almost eight basis points. Nimex crewd is down six tenths per cent, or sixty seven cents at a hundred five dollars thirty five cents of barrel comes gold right now down one point six percent, down thirty dollars sixty cents

at nineteen thirty announced. You're listening to Bloomberg Daybreak Bloomberg eleven three oh Weather sunny, breezy, the high only near forty today, some midday rain. Afternoon rain showers possible tomorrow with highs in the mid forties. Could be near seventy by Thursday. Right now in Central Park, broadcasting live from

the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Free on to Washington, d C, Bloomberg ninety nine one to Boston, Bloomberg one O six one to San Francisco, Bloomberg Nam sixty to the Country, Sirius XM to the one nine and around the globe the Bloomberg business in Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagger and I'm Keren Moscow, and we're just about four hours away

from the open of US trading. Let's get you up to date in the news you need to know this hour. Ukraine is looking for a ceasefire agreement and talk to the Russian negotiators. Their meeting right now in Turkey, where President er Tawan says he expects quote good news from the peace talks. The meantime, Karen, President Biden is clarifying his remarks on Vladimir Putin. He says the US is not seeking regime change in Russia, but that he still has the right to express concern. I was expressing my

outrage at the behavior of this man. It's outrageous. It's outrageous, and it's more an aspiration, and he shouldn't be in power. There's no I mean, people like this shouldn't be ruling countries. But they do. The fact they do, but doesn't mean I can't express my outrage. President Biden is rejecting criticism that his comments escalated the situation with Russia. Meantime, Nathan,

the President's budget is also in focus. He's renewing efforts to squeeze more tax revenue from big companies and wealthy households. His new budget calls for a two point five trillion dollars in tax hikes. Turning into markets now, we have several companies making headlines this morning. Let's get the details live with Bloomberg's John Tucker. What's watching, John, Nathan, Let's start with a change at the top. At fed X, the package delivery company is named roj Supermanni and Nance

it's new CEO. He takes over from founder Fred Smith, who pioneered express delivery almost fifty years ago. Up next, let's talk Amazon. It's become the first mega cap tech stock to erase losses for the year. Shares are now up one point four percent since January one, and finally, Apple shares their heading for their longest winning streak since two thousand three. After a dismal start, too Apples seen its earnings hast events being upgraded by analysts. Live in

New York, I'm John Tucker Bloomberg Daybreak. All right, John, thank you. Let's turn to Hong Kong now, where the outlook for bankers is looking up. This city has seen an next it is of finance staff, but those that stayed are getting rewarded. Bloomberg's Reni to Young joins us live with the details. Good morning, Ready to Good morning Karen. For tech savvy workers willing to live in the somewhat selated city, opportunities like big promotions and pay increases are plentiful,

at least for the short term. Typically, finance workers heading to a different company in Hong Kong would get about a fifteen percent pay hike, but executive search firm E s g I says they're seeing twenty increases. Meantime, data show the number of new visas issue to foreign financial service workers in Hong Kong is down almost fifty percent from Live in New York. I'm gonna need a young Bloomberg daybreak. Need to thank you your local headlines to

check us sports straight ahead. This is Bloomberg, all right. Thanks taring it on Wall Street where twenty five degrees in Central Park. Still seeing some lingering construction on the saw mill. Will get the details in traffic shortly. First Michael bar with more on what's going on in New York and around the world. Michael, thank you very much. Nathan. New York City Mayor Eric Adams is criticizing Florida's so

called Don't Say Gay bill. Florida Governor Around de Santis signed a bill that limits instruction about gender identity and sexual orientation in kindergarten through third grade in Florida. We will make sure that parents can send their kids to school to get an education, not an indoctrination, critics say

will further marginalize those in the LGBTQ community. Mayor Adams called the bill hateful and harmful, saying to the families living in fear of this state sponsored discrimination, You're welcome in New York City. Our arms and hearts are wide open, embracing every child of every identity. Always. The House Committee investigating last year's attack on the US Capitol has voted unanimously to hold two ages to former President Donald Trump

in contempt of Congress. Trade Advisor Peter Navarro and communications aide Dan Scabino have refused for months to comply with subpoenas it comes. As U S District Judge David Carter ruled based on the evidence, the court finds it is more likely than not that President Trump corruptly attempt to obstruct the Joint Session of Congress. On January six, during the contempt hearing, Committee chair Benny Thompson said the judge's

ruling is victory for the rule of law. I encourage people at home to read what Judge Carter wrote and consider his words very carefully. His warnings about the ongoing threat to American democracy shield alarm every person in this country. The panel's resolution now goes to the House approval, there would send the charges to the Justice Department. There has been an apology after Will Smith slapped Chris Rock at the Academy Awards Sunday. Smith issued a personal apology to Rock.

Smith could face disciplinary action by the Motion Picture Academy. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analyst more than a hundred twenty countries. Michael Barron, this is Bloomberg. Nathan Okay, Michael, Thanks Ball Street time for the Bloomberg Sports Update. Just just John Stenshow Thanks Kaan.

The Knicks playoff folks for I mean, slim the damage done with that mid season stretch when they lost seventeen out of twenty. But to their credit, Nick's not going down without a fight. Just had a three and oh road trip, came home, came from twelve down, beat Chicango one oh nine, one oh four, r J Barrett twenty eight points. Fight. So that's it's not an option for us.

We're fighting no matter what. We're a very good team and uh, you know, we've been disappointed with how we started the season, but we're a very good team when we're pulling out these wins and we're scratching and klawn and playing very well. All burks at a twenty seven second straight game where Burke's hit the big three down the stretch of the night where Julius Randall only made one shot his backup Obi Topp and scored seventeen points.

Slumping Warriors missing Steph Curry blown out in Memphis. Golden States lost six of seven n C Double A women's final four will have three one scenes Stanford, South Carolina and Louisville plus Yukon who had a down season by their standards with five losses, but Huskies beat top seed NC State double overtime, and now after a fourteenth final four in a row, you kind of have a big home court advantage getting to play the game in Bridgeport.

NFL owners meeting in Florida, facing criticism for lack of minority head coaches and announcing the change in hiring practices and so often teams look to hire coaches whose background is on offense. Every team will now have to have a minority on its staff that works with the offense, and the rooty rule that demands interviews with minority candidates has been expanded to have include female candidates. John Stashward Bloomberg Sports Nathan thanks shun by thirty seven on Wall

Street Time for the Tri State Business Report. Here's Bloomberg's dead cory. A forty million dollar gift from Citadel's Ken Griffin is helping the American Museum of Natural History complete a two hundred thirty thousand square foot center. The donation is part of the three hundred forty million race so far for the Richard Gilder Center for Science, Education and Innovation. New York cut offer the world's first cannabis uni bonds or a fund named after Harlem's hash lounges from the twenties.

Those are ideas being pitched to promote diversity among the initial owners of New York marijuana dispensaries. Now the state wants to encourage social equity applicants to start up the cannabis outlets. Well, there's a slight gender pay gap for men under thirty in New York City. Nationally, women in that age group earned about three cents on the dollar compared to men. According to the Pew Research Center, the gender gap in favor of women under thirty in New

York is slim. They make one two percent of what their male peers earned. Thatrew Bloomberg trying State Business Report. I'm Ed Corey. Thank you Ed. It's thirty eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I've Stein's potents on ten ten Wins in New York. We're talking about a passenger flight from

JFK to Hong Kong that'll be the world's longest. In an effort to avoid Russian skies. M Corney Donahean carel D in Dallas Southwest agrees to give racist to customer service agents Time Gina Servetti And for w BBM in Chicago, I'm reporting that Citadel's Ken Griffin is donating forty million dollars to New York's American Museum of Natural History. I made Corey on w t A M in Cleveland. I'm reporting the store, known from making big investments in neighborhoods

around this city in recent years, is closing. Those are some of the stories are twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. The US is facing a retirement crisis. About half of working age households won't have enough resources

to live comfortably after they leave the workforce. That's a looming disaster for them and a fiscal mess in the making. After all, the more people reach retirement without enough money, the more they'll depend on the social safety net. By twenty thirty, seniors will require and added seven billion dollars in annual public assistance in New Jersey alone. That's almost a fifth of the current state budget, and the situation

in other states will likely be worse. This week, the House is expected to consider legislation expanding automatic enrollment in employee retirement plans. That's a welcome start, but more is still needed. Above all, policymakers must be thinking seriously about how to get Americans to save more for their golden years. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or ope I N go on the Bloomberg terminal.

This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials every week at this time. Terminal customers can read more at op I N go as BE futures are up twenty three points. That's a game of a half percent down. Future is up a hundred fifty two. NASTAC futures are higher by eighty nine points. The tenure Treasury is down thirteen thirty seconds. The yield two point five zero percent

yeld on the two year two point four three. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather, sunshine and a breeze today with the high only near forty. We'll get to the mid forties tomorrow with showers. Might see a few more afternoon showers on Thursday as well, with a high near seventy. Right now, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com,

the Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business Flash find I'm Karen Moscow stalks on the rise and ceasefire talks between Russia and Ukraine helped to fuel risk appetite. You Stock index Future is also gaining after benchmark indexes rose for a third session yesterday. We checked the markets every fifteen minutes throughout the trading day on Bloomberg U S and P future is up

twenty one points down. Futures have a hundred thirty nine NAS day future is up eighty eight The decks in Germany's up to percent ten year treasury down thirteen thirty seconds yea two point five zero percent. The yield on

the two year two point four three percent. I X screwed oil is up a quarter percent, or twenty nine cents and a hundred six dollars twenty four cents of barrel COMEX school down one and a half percent, down twenty nine dollars twenty cents at nineteen fifteen sixty announced the euro one point one zero four two against the dollar, British pound one point three zero nine five and the unit one twenty three point seven two had Bitcoin this morning moving lower, down about seven ten percent at forty

seven thousand, six hundred fifty dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. Russian and Ukraine have started peace talks in his tent old in Mariupal Alone. Russia's siege of the southern city has killed almost five thousand people, according to the city's mayor.

President Joe Biden said he was an announcing the US policy change when he declared Russian President Vladimir Putin cannot remain in power, but was expressing his own anger about the invasion of Ukraine. Biden's old reporters, I am not walking anything back. The fact of the matter is I was expressing the moral outrage I felt. In the NBA. The next one, the Celtics and Warriors lost. Yukon is heading back to the Women's n C Double A Final

four for the fourteenth straight time. The Huskies beat North Carolina State seven and a double overtime thriller. Yukon will face Stanford. Louisville is also in. They'll face South Carolina in the NHL. The Capital's Lost. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg. Nathan Okay, Michael, thank you. It's five forty nine on

Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak and We're joined now by Bloomberg Washington correspondent Joe Matthew, host of Sound On Here on Bloomberg Radio. As we continue to assess the fallout, the continuing fallout, it seems from President Biden's remarks in Warsaw over the weekend. As we just heard from Michael in the news there, Joe, the President is not walking anything back, he says, is he cleaning up the clean up? Well, I guess, you know,

cleaning up as opposed to walking back. Maybe in Washington there's there's there's some truth in the middle of those two things. The fact of the matter is Joe Biden called the only hours earlier, called Vladimir Putin on Saturday a butcher, has called him a war criminal. Last week, he's called him a pariah. So when you really consider what was said at the podium on Saturday night, while it got a lot of people worked up, it really didn't change anything. It wasn't a new opinion that the

president was forming. It just seemed to get people worked up about the idea of regime change, and he did clean up that part of the remark yesterday. I will note that this was a news conference. If I can even call it that it was supposed to be a speech rolling out the new budget proposal. Reporters had nothing

but questions about this and that's the problem. Yeah, And I guess that's no surprise here given the fallout that we're seeing as talks are now underway between Russian and Ukrainian negotiators once again and NATO watching from the sidelines. Through the president's comments complicate what's happening as far as

diplomacy goes to try to end this war. Well, if you have, if you ask Emmanuel Mcrone of France, he'd say yes, he was concerned about the butcher remark that I mentioned, along with the comments the nine words as they've become known, uh from Saturday night. But the fact of the matter is expectations are pretty low for these talks and when you when you consider the nine words that the President said in that speech, again, they don't really advance the ball from what has already been said.

If you believe that Vladimir Putin is a war criminal, this administration says that it does, then that is entirely consist didn't with believing that that person doesn't deserve to run their own country. It doesn't mean, however, that America is going to go in and knock him out. That's that's the one thing the President had to make clear.

So where does diplomacy go from here? Joe? Has there been any reach out between the US and Russia when it comes to what the President had to say, No, I don't think so, not at least not on a political level. We do have a deconfliction line that apparently we are testing on a daily basis between the US and Russian military. Is just for the sake of communications,

to avoid an accident, that type of thing. But the President was asked yesterday repeatedly if he would be open to to meeting with Vladimir Putin, and his only answer each time around was it depends. It depends what you know. What is it that we would get? What is it that he would be asking at some point if we're gonna have a ceasefire here, someone's gonna need to talk to Vladimir Putin. Whether it's Joe Biden is another question.

To go back to your earlier point about all the questions being about Russia as opposed to the budget release. Let's talk about the budget. Obviously, a lot of attention on these new tax proposals for the wealthy, and it seems as though they're already getting some pretty important pushback. Yeah. Well, you know that the gentleman from West Virginia is always there when you need him, unless your name is Joe Biden.

I guess, uh, you cannot grow fascinating quote. You can't be taxed on things you don't have, said Joe Manchion. This is referring to this idea of taxing unrealized games. It's uh, it's a five point eight billion dollar, trillion dollar budget, I should say, and part of this involves a drop in deficit spending. The White House is trying to show fiscal responsibility with a trillion dollars over ten

years in deficit reduction. But to achieve that, you need this billionaire's tax, if I can call it that, at twenty minimum tax on income and unrealized games for households worth a hundred billion dollars or more. This is gonna sound familiar to you, Nathan. We talked about it back when this was a component, or at least proposed to be part of the Build Back Better legislation last year, and of course that did not pass the chair of the House Ways and Means Committee, Richard Neil apparently is

not in favor of this. Kirston Cinema is not about to vote for it, so it's unlikely that this goes anywhere. Bloomberg's Joe Matthew, our Washington correspondent, host of Sound On here on Bloomberg Radio. Of course, we'll have much more on sound On coming up this afternoon five pm, Wall Street Time on Bloomberg Radio, and we'll be checking back with Joe later on in this program Bloomberg Day Break later on Karen. All right, Nathan is three on Wall Street.

It's time for the Bloomberg Law Report. Let's get to the legal stories we are watching this morning. From Bloomberg's Jeff Bellinger, the Postal Service has evaded claims that it's use of facial recognition software without a privacy impact assessment

violated the federal law. Ralph Lauren will have to face biometric privacy claims brought by an employee who says the practice of requiring workers to clock in and doubt with their finger prints violates the Illinois Biometric Information privacy and the Coca Cola company officially walked away from race based staffing requirements for law firms doing work for the company Bloomberg Law. Everything you need, all on one legal research platform,

including guidance and analysis and Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. All right, Jeff, thank you now. Another legal story we're watching brings us to vaccination requirements in the military. I divided Supreme Court said the Navy can limit deployment and training for thirty five seals and other special operations forces who are refusing to

get vaccinated against COVID nineteen. They cite religious grounds. A lower court judge had ordered the Navy to deploy sailors without regard to their vaccination status, but the White House said that would jeopardize safety and mission success given that seals often operate in tight quarters. The Court granted the Boden administration's emergency request with three conservative justices is senting

for more in the case. Bloomberge during Grass speaks to Dorit Reece, a professor at the University of California Hastings College of Law. There was no opinion for the court. Does the concurring opinion of Justice Brett Kavanagh tell us anything he actually does. First of all, it's very usual not to have a fully reasoned opinion on this kind of emergency state cases. As a reminder, the case hasn't been fully briefed or decided, and the question is should

we uphold or overturn an emergency state? The concurrence tells us that for at least some of the justices the main issue was how much difference to give to the Navy decisions through the deploy The court has a long tradition of deferring to the Navy judgment in the military's judgment, as the Justice Cavano highlighted, and at least for some of the this is that's probably the issue here as well.

A Secretary of Defense, Lloyd Austin, had urged the court to remedy what he called an extraordinary and unprecedented intrusion into core military hairs that has no precedent in American history. Is this basically about the principle of separation of powers? Yes. I will add that there are some things in the

descent that do race questions. So the military acknowledges that there are subjects to the Religious Freedom Restoration Act requirements of only not respecting religious interests when it's a compelling interest in the list restrictive means, they still to have made it practically impossible to get a religious exemption and justice a little is right within any other context that would be seen as a problem as bad space application

of religious exemption. And here too, by doing it so aggressively, the military created an appearance of not really taking seriously the religious exemptions, and as doored Race, a professor at the University of California Hastings College of Laws, making at the Bloomberg's doing Groszo. Catch more of that interview, plus analysis of the latest legal news, by subscribing to the Bloomberg Podcast or downloading the show at Bloomberg dot com

slash podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at b Law. Go again. Futures this morning are on the rise, SMP futures are up twenty points down futures of one forty five and NASDAC future is

up sixty eight. Ten year treasury down fourteen thirty seconds yield two point five one per cent, and they yield on the two year two point for three percent Nimex screwed oil is up to ten per cent er nineteen cents and a hundred six dollars seventeen cents in barrel, and it's still ahead. On Bloomberg day Break, we have a check on the business headlines and all the news you need to start your day. And this is Bloomberg.